Cisco Systems proxy-voting results “are too close” to call on a proposal for an annual shareholder advisory vote on the compensation of its top executives, the company said in a statement today following its annual meeting.
Christian Brothers Investment Services sponsored the say-on-pay proposal, which was supported by the $196.6 billion California Public Employees' Retirement System, Sacramento, and the $133.7 billion Florida State Board of Administration, Tallahassee.
“The results for the shareholder proposal regarding (the) advisory vote on executive compensation are too close to determine at this time and therefore will not be provided within our preliminary results,” the Cisco statement said. “We have always said that we believe passage of this proposal is unnecessary, as shareholders already have more efficient and effective ways to communicate their views on executive compensation through regular discussions with management and the compensation committee of the board of directors. While Cisco firmly believes in a regular and open dialogue between management, the board and shareholders on executive compensation, given the many different facets of compensation policy, a simple, non-binding vote does not provide guidance as to any issues that may be of concern to shareholders.”
Information on how soon Cisco would release the result wasn't available.
Shareholders defeated by a vote of 67% to 33% a proposal sponsored by Boston Common Asset Management calling for the board to report on the company's human rights impact. Both CalPERS and the Florida SBA opposed the proposal.
